Vranos buys big slug of Ellington stock

Ellington Financial (EFC) co-CIO Mike Vranos purchased 500K shares of company stock at $23.275 each yesterday, bringing his holdings up to about 2.7M shares.

Ellington has managed to maintain its book value in the face of this year's interest rate and MBS difficulties, and the dividend stands higher today than a year ago. Not surprisingly, the stock has strongly outperformed the broad mREIT sector (though Ellington is a partnership).

SEC Form 4

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Comments (3)
  • Micro_Cap_Value
    , contributor
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    The shares were purchased from a trust of which Michael W. Vranos is the settlor. i.e. from one pocket to the other--for tax reasons?
    15 Nov 2013, 04:42 PM Reply Like
  • jmodrkrk
    , contributor
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    Correct me if I'm wrong, as settlor, he would have established the trust and named the trustee and beneficiaries of the account. So now he is purchasing the shares from the account and bringing them into his own personal holdings (assuming he was not a named beneficiary of the trust)?
    18 Nov 2013, 11:28 AM Reply Like
  • Micro_Cap_Value
    , contributor
    Comments (201) | Send Message
    I don't know details of the trust structure in question, but likely he created the trust, then donated the stock into the trust, and remains both the trustee and beneficiary. Hence my guess that he's moving stock around prior to yearend for some tax reason. Of course, I'm just speculating, but this does not seem a typical Form-4 market purchase of stock by any means.
    19 Nov 2013, 09:30 AM Reply Like
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